NT: Official Personal Finances Thread

HankHill said:
Companies do that in hopes to not give you money. My job is fully vested from day one, but the 5% matching is at the end of the year. So if you quit before the end of the year, they don’t owe you a contribution.
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Lol kinda remind me of the open PTO policy that some companies love to brag about

It's not really open PTO & they only do that so they don't have to pay out vacation days if one leaves
 
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Just listened a couple episodes of the Popcorn Finance podcast and someone asked him a question I thought was interesting. They asked him how many bank accounts he has, and he said somewhere between 10-15. So I pose the question to the thread:

How many bank accounts do you guys have?
 
I have two. One with Wells Fargo for national banking and one with a credit union for cheap financing. I dont see the point in having that many bank accounts but I may not be aware of something.
 
friscostylez said:
yeah but i feel like you are still underselling it lol


every gain is tax free brah. EVERY.
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I guess. I've become a pure buy and hold guy these days, I can't remember the last time I sold a position. If I was to get back into the habit of selling in and out names I would definitely do it in my Roth before anywhere else.
 
antidope said:
I guess. I've become a pure buy and hold guy these days, I can't remember the last time I sold a position. If I was to get back into the habit of selling in and out names I would definitely do it in my Roth before anywhere else.
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im mostly like that but i wanted to have fun earlier this year so i was pumping & dumping lol

nothing too major tbh
 
trainspotter said:
My current job has this policy. Been there one year. Going to ride it out.

You can use your Roth IRA for a down payment? Same penalties apply?
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You can withdraw all contributions plus $10k of appreciation penalty-free for a first time home purchase from a Roth IRA. If it's a traditional IRA you can only withdraw 10k. That is because with Roths, you can withdraw the corpus at any time without penalty as you've already paid taxes on the contributions.

On that subject maxing out my Roth tomorrow instead of waiting until the end of the month.
 
206to813 206to813 Yeah good call I’m gonna check on it.

I’ve got a Roth IRA that’s all individual stocks. GOOGL, AMZN, NKE are my biggest positions and all long term holds. Definitely a good option early in your career while you can still contribute to it (without having to backdoor it).

My company also recently started offering a Roth 401k option so I’m doing a portion into that and a portion to traditional 401k. I don’t want to take the tax hit right now of more earnings if I went $19.5k into the Roth. Figure it’s safe to combo it cause predicting the future is tough.
 
I have to backdoor into my Roth IRA. Its really not as hard as they try to make it seem. I was with Betterment so they were doing the filings for me (they have a Roth Conversion button, press it and boom its done in one day) which was a huge value add, but now I just do it myself at Fidelity. Theres a minor annoyance of having to chase people though.

I really dont think I could manage maxing out a Roth 401k like Chopper Chopper said. If I ever get to that point I think I would bite the bullet and convert my traditional 401k and go all Roth, but that 19.5k income reduction is nice.
 
pitman13 said:
Just listened a couple episodes of the Popcorn Finance podcast and someone asked him a question I thought was interesting. They asked him how many bank accounts he has, and he said somewhere between 10-15. So I pose the question to the thread:

How many bank accounts do you guys have?
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Why would someone need 10-15 bank accounts? Seems OD

I can see 3-5
 
antidope said:
I have two. One with Wells Fargo for national banking and one with a credit union for cheap financing. I dont see the point in having that many bank accounts but I may not be aware of something.
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206to813 said:
Why would someone need 10-15 bank accounts? Seems OD

I can see 3-5
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I'm sure he meant every account financially including retirement, investments, etc. He said he has an account with less than $100 specifically for his Amazon prime account. Even still, I think 15 bank accounts is excessive.

I only have 4, currently.
 
That still seems pretty ridiculous. I'm a firm believer in consolidation. Less things to keep track of less chance you forget about something especially as you get older.
 
3 for me - Regular checking account I’ve had for 12 years, a CU account I don’t use, and a high yield savings.
 
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